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1. XYZ purchased $68,000 of merchandise this year. A physical inventory count at the end of the year showed $6,000 of merchandise unsold. The company reported $132,000 in cost of goods sold on the income statement. What was beginning inventory? Select one: a. $62,000 b. $194,000 C. $200,000 d. $70,000 2. Suppose that a company has no inventory and current liabilities of $100,000. If that same company has a current ratio of 1.4 and a quick ratio of 1.3, how much does this company have in prepaid expenses? Select one: a. $16,667 b. Cannot be calculated with the information provided c. $10,000 d. $130,000 weet 3. This company's sales experienced an increase of 20% from Year 1 to Year 2, while COGS increased only 6%. What was gross profit in Year 1? Year 2 Sales: $414,048.00 Year 2 COGS: $158,609.92 Select one: a. $255,438.08 b. $264,416.00 $195,408.00 d. $186,430.08